Bitcoin News Summary – May 7, 2018

As we enter the second quarter of 2018, it appears that Bitcoin market sentiment has turned gently bullish. The psychologically-important $10,000 price level seems likely to be tested soon.

Goldman Sachs plans to start trading Bitcoin for its clients, albeit indirectly via the US futures markets. Goldman already trades Bitcoin on its own behalf. The investment bank also intends to create its own Bitcoin futures product. This news is being interpreted as a signal that major institutional money is increasingly flowing into Bitcoin.

Argentina may soon receive 5,000 crypto-supporting ATMs. The devices will allow buying and selling of cryptocurrency, in addition to cash withdrawals and other functions. International ATM provider, the Odyssey Group, estimates that ATM owners will earn back their investment within 6 months. Last Thursday, the Argentine Peso experienced its biggest drop in value since becoming a free-floating currency, an event which may motivate Argentinians to invest in Bitcoin.

The American payment service, Square, announced in its results for the 1st quarter that it sold $34.1 million worth of Bitcoin. Bitcoin trading was enabled in the company’s mobile payments app, called “Cash,” in January.

Finally, major Japanese bank, SBI, recently revealed that it intends to launch a crypto exchange in mid-to-late 2018. Named “SBI Virtual Currencies,” it will be the first crypto exchange in the world to be entirely owned by a bank.